Saudi Arabia's Al Tayyar Travel Group will buy 30 per cent of Zakhr Investment and Real Estate Development after amending an initial agreement to buy into the firm signed in August, the travel company said on Tuesday.

Under the new plan announced in a bourse filing, Al Tayyar will acquire 15 percent of Zakhr from Mohammed I Alsubeaie & Sons Investment Co (Masic) and the same stake from Abdullah Almishal & Sons Co (Almishal) for a total value of SR803.8 million ($214.4 million).

In return, the two Zakhr shareholders will receive 9.65 million shares in Al Tayyar which will be created through a capital increase, giving the pair a combined holding of 4.6 percent in the travel firm.

The previous agreement had said Al Tayyar would buy 12.5 percent each from the two shareholders for a stake worth SR669.9 million, in exchange for 6.51 million new Al Tayyar shares.

Under the new agreement, the shares being issued to Masic and Almishal Co will be worth SR83.30 instead of the previously stated SR102.90, according to the statement.

Al Tayyar's shares closed in the market at SR69 on Monday, down from the SR95 at which they closed in the session before the August announcement was made.

The 27.4 percent decline in the stock price compares with a 21.8 percent drop in the Saudi stock index, which has suffered from fears over the impact of lower oil prices and reduced state spending on the economy.

Zakhr Investment has a project in the holy city of Makkah which includes a hotel and residential and commercial facilities serving pilgrims and residents.  - Reuters